Enhanced Universal Child Care Benefit
Enhanced Universal Child Care Benefit
On October 30, 2014 government proposed to increase the monthly UCCB benefit by $60, from $100 to $160 for each eligible child under the age of 6 years effective January…
Shareholder-Employee Loan or Benefit
Where the shareholder is also an employee, following types of loans are not taxable and excluded from income: - a loan to employee who is not a specified employee of…
tax planning
Meals and Entertainment Cost 100% Dedcution
Usually deduction of meals and beverages cost is limited to 50%. This general rules also applies to the cost of meals and entertainment for employees. However there are few exceptions…
Fitness tax credit
Tax on Income Splitting – “kiddie tax”
Income splitting is the process of shifting income within a family to take advantage of the lower tax brackets, deductions and credits available to each family member. Anti-avoidance legislation was…
capital gain reserve
Capital Gain Reserve
Capital Gain Reserve Carry Forward If you have a capital gain, there may be an option to defer or reduce the capital gain tax. In some instances, all of the…
Private Health Services Plan Premiums Deductibility
Deducting Private Health Insurance Payments Under ITA S20.01, you can deduct premiums paid to a private health services plan (PHSP) from self-employment income if you meet the following conditions; …
tax planning
Canadian Tax Obligations for Non-Residents
According to the Canada Revenue Agency you are a non-resident for tax purposes if you: - normally, customarily, or routinely live in another country and are not considered a resident of…
US Tax Consequences For Canadians – Snowbirds
There could be some tax consequences for Canadians who travel US frequently. Read the attached article published by CGA association to explain how IRS calculates the days present in US…
Importance of financial forecasting
One of the main reasons for a small business failure is lack of planning of cash. A good forecasting mechanism increases business success chance and minimizes the failure risk. Small…